Pump.fun transferred 81,712 SOL worth about $6.15 million to Kraken on July 18, 2026, extending a long-running series of token sales.
On-chain analyst EmberCN reported the transaction as memecoin trading, protocol revenue, and Solana network activity showed a slowdown.
The Solana-based platform launched in January 2024 and charges a 1% fee on token swaps. Its growth during the memecoin boom generated fee income, while Kraken transfers converted part of that revenue into cash.
Pump.fun SOL Transfers Reach $812 Million
EmberCN estimates that Pump.fun sold about 4.81 million SOL between January 2024 and July 18, 2026. Those sales were valued at roughly $812 million, with an average selling price of $168.70 per token.
The latest Kraken deposit forms part of that pattern. Pump.fun has generated more than $1 billion in cumulative revenue since launch, including about $664 million during 2025. Revenue reached approximately $124.7 million in the first quarter of 2026.
Different data providers report larger totals as they measure separate categories. EmberCN tracks SOL sent to Kraken and believed to have been sold.
DefiLlama reported about $1.86 billion in cumulative fees and more than $1.2 billion in protocol revenue as of July 18, 2026. Those figures cover income earned across Pump.fun products rather than token sales alone.
Memecoin Slowdown Hits Solana Activity
A June 16, 2026 report said Pump.fun activity fell 80% over the previous three months. Average daily revenue dropped to about $800,000 in June from roughly $4.8 million six months earlier.
Only 0.26% of newly created tokens reached the market capitalization required to move onto other exchanges. Traders also shifted toward perpetual futures platforms such as Hyperliquid, reducing the on-chain activity that previously supported Solana’s fee generation.
The slowdown matters for Solana as Pump.fun served as one of the network’s largest fee-producing applications. Lower token creation and trading volumes have reduced the economic contribution that memecoin activity once delivered to the blockchain.
PUMP Token Falls as Revenue Weakens
PUMP declined nearly 40% over six months and traded near $0.0016 on July 18, 2026, according to DefiLlama. That price stood well below its $0.0088 peak, while the token’s market capitalization was about $655 million.
The decline followed a surge in demand that helped Pump.fun raise $600 million through an ICO completed in 12 minutes.
STORM Partners identified Pump.fun as a central platform in the 2024 and 2025 memecoin boom. Estimates indicated that it helped launch about 11 million tokens by mid-2025, although fewer than 1% reached exchanges such as Raydium.
EmberCN’s wallet tracking showed that Pump.fun still transferred SOL to Kraken periodically through July 18, 2026. DefiLlama revenue data and Solana network fee metrics provide separate measures of the platform’s shrinking activity and its effect on the wider ecosystem.
